Universal Music Group has bought a majority share in the Nigerian musical company Mavin.
UMG said in a statement released on Monday that the transaction is still subject to regulatory approval and is scheduled to completion by the end of the third quarter 2024.
Kupanda Capital will remain a minority investor and strategic advisor in the company after the acquisition, while TPG will exit completely.
Don Jazzy, Mavin’s founder and CEO, and Tega Oghenejobo, the company’s COO, will remain in charge following the transaction.
“Our criteria for identifying partners is straightforward: great artists, great entrepreneurs, great people,” UMG boss Sir Lucian Grainge said.
“With Don Jazzy, Tega, the Mavin Global team, and their artist roster, we’ve found ideal partners with whom to grow together.”
Platinum Times recalls that in October 2023, Billboard reported that Mavin Records “is seeking investment or eying a potential full sale with bidding coming from the Universal Music Group, HYBE and strong interest from music asset investors in the financial sector, according to sources.”
In a podcast interview in January 2024, Mavin CEO, Don Jazzy confirmed that the label was being courted by foreign investors.